OXFORD, CT - EBSC Lending announced the structuring of a $20 million construction loan for borrower Trevor Smith to support a 157-unit multifamily development in Oxford, Connecticut. The financing supports Phase I of a rental apartment development located within a master-planned active adult community.
Financing supports Phase I of a rental apartment development within a master-planned active adult community.
The financing is designed to support Phase I of the development, which includes 86 apartment units, amenities, and clubhouse improvements. The full development plan includes 157 total units, covered parking, and a mix of studio, one-bedroom, and two-bedroom apartments.
The project includes both market-rate and income-restricted housing components, with 142 market-rate units and 15 affordable units intended for households earning up to 80% of area median income, based on the sponsor’s development plan. The development is intended to expand the community’s rental housing options while adding a new apartment component to an established active adult residential environment.
The $20 million construction loan represents approximately 63% loan-to-cost for Phase I, which has an estimated total project cost of approximately $32 million. The project is fully entitled, with zoning and environmental approvals completed, and approximately 70% of infrastructure work completed for the full development.
Loan proceeds will support the sponsor’s transition into vertical construction and provide the capital necessary to advance Phase I toward delivery, lease-up, and stabilization.
Transaction Highlights
Loan Amount: $20,000,000
Financing Type: Construction Loan
Borrower / Sponsor: Trevor Smith
Property Type: Multifamily / Rental Apartments
Project Size: 157 planned units
Phase I Size: 86 units
Unit Mix: Studio, one-bedroom, and two-bedroom apartments
Housing Components: 142 market-rate units and 15 affordable units intended for households earning up to 80% of area median income
Location: Oxford, Connecticut
Loan-to-Cost: Approximately 63%
Phase I Total Project Cost: Approximately $32 million
Projected Stabilized NOI: Approximately $2.7 million
Projected Stabilized Phase I Value: More than $49 million
Term: 24 months
Property and Market Overview
Oxford is a residential community in Connecticut’s Naugatuck Valley Planning Region with a high level of homeownership and a relatively limited supply of rental housing. According to public demographic and housing data, Oxford has continued to grow since 2020 and has a meaningful senior population, creating a supportive backdrop for additional rental housing options within active adult communities.
The development is designed to respond to that need by adding a professionally planned rental apartment component within a master-planned active adult community. The inclusion of studio, one-bedroom, and two-bedroom apartments is intended to provide housing flexibility for residents seeking rental options in a community setting.
Oxford also remains below Connecticut’s 10% affordable housing threshold based on the state’s affordable housing appeals listing, underscoring the broader need for additional income-restricted and attainable housing options in the market. The project’s income-restricted component is expected to contribute to the local housing supply while the broader development adds new rental inventory to a market historically weighted toward owner-occupied housing.
“This development represents an opportunity to bring a new rental housing component to an established active adult community,” said Trevor Smith, borrower and sponsor of the project. “With entitlements completed, infrastructure substantially advanced, and meaningful equity already invested, the project was ready for a construction financing structure that could support Phase I and preserve the broader development plan. EBSC Lending understood the phasing, the basis, and the stabilization strategy.”
“This transaction reflects many of the characteristics we look for in multifamily construction financing: entitlement progress, sponsor equity, infrastructure already in place, defined phasing, and a clear stabilization plan,” said Martin Alex, President of EBSC Lending. “The sponsor needed a capital structure that could support Phase I construction while allowing the project to move forward in a disciplined and practical manner. EBSC Lending was able to structure a solution aligned with the project’s scope, cost basis, and development timeline.”
EBSC Lending continues to evaluate multifamily construction opportunities nationwide where sponsors require responsive underwriting, flexible structure, and a clear path from development through stabilization.
Terms of the transaction were not disclosed beyond the general loan amount, financing type, property type, project size, unit mix, location, loan-to-cost, total project cost, projected stabilized metrics, borrower/sponsor name, and loan term.
About EBSC Lending: Elite Business Service, LLC d/b/a EBSC Lending is a direct private real estate lender providing asset-based financing solutions for real estate investors, developers, sponsors, brokers, and originators nationwide. Since its founding in 2021, EBSC Lending has originated more than $2.3 billion in loans, funded over 239 projects, and lends in all 50 states. EBSC Lending provides customized real estate financing solutions across a wide range of property types in primary and secondary metropolitan markets throughout the United States and Canada, backed by disciplined execution across changing market conditions. EBSC Lending offers a broad suite of lending products, including assisted living facility financing, cannabis financing, commercial bridge loans, construction loans, C-PACE, fix-and-flip loans, hard money loans, lines of credit, mezzanine financing, multifamily bridge loans, refinance loans, and rental investment loans. EBSC Lending’s fully integrated teams across origination, underwriting, closing, and servicing drive disciplined execution and efficient timelines, delivering certainty of close and tailored solutions designed to meet each client’s objectives.